Week 2
EURUSD AM 12.8 Pips, PM 20 pips.
Total 32.8 pips for £54.56 off the £1,000 start bank and £328 of £10 per pip.
GBPUSD AM 7 Pips, PM 10 pips.
Total 17 pips for £26.25 off the £1,000 start bank and £170 of £10 per pip.
Overall:
EURUSD AM 42.8 Pips, PM 50 pips.
Total 92.8 pips for £148.01 off the £1,000 start bank and £928 of £10 per pip.
GBPUSD AM 27 Pips, PM 15.1 pips.
Total 42.1 pips for £64.24 off the £1,000 start bank and £421 of £10 per pip.
Please note that I am only aiming for 10 pips per session. Often more pips would be available but I stop once 10 pips have been reached.
I am monitoring Indices and Oil but I won’t report results on them until I am sure that some minor adjustments to the rules are not required. I feel Oil in particular will need a wider stop and slight adjustment to the entry rules because of the wide spread and volatile nature.
Usual caveats apply:
Trading ForEx is discretionary; I’ll see trades other people won’t and miss trades that they take. We all read the market differently; therefore your results will be different from mine. Further, I am experienced trader with over 4 years’ experience. Although I try my best not to colour my trials with this experience it is impossible to remove it completely.
Please also note that for ease of reporting I am using GKFX.
Hi Arthur,
Can you confirm whether the results reported on the 4ex pip system website tally with some of yours, are they genuine or just exaggerated sales pitch ?
Hello Paul,
the simple answer is “No, I can’t”. The reason for this is because there isn’t really a defined exit strategy in the manual (I have just now reread to check). The strategy I am using is a 10 pip target, but I can’t be sure what the Author’s strategy is to compare pip hauls. There are other reasons, such as we may be using different Brokers and this could mean different data feeds which could mean differences in the signals. Further, there could be differences in one of the key indicators, not least because the one that ships with Metatrader doesn’t have a histogram. Finally, looking at the website I believe that the trades are not reported chronologically: The first EURUSD trade on Thursday for 40 pips comes after a trade reported for 10 pips several rows higher, I make this the other way around; this makes direct comparisons very difficult.
However, after saying all that, on Thursday’s morning session on EURUSD there was a move that could of resulted in 40 pips as recorded on the website, there was also another trade where I could see the 10 pip potential too. Based on very little evidence I would say that the website appears to be accurate based upon what I can gleam as their exit strategy. There is a huge caveat in this. The manual contains a chapter called “holding your nerve”, which means that even if I have determined their exit strategy correctly, the Author may not have exited at the same point I would have done.
In all, a set pip target is so much easier to administer!
I would advise getting hung up on pip totals though, it isn’t the number of pips you could get, rather it is the profit you make from the pips you actually get that is important. Just looking through the results, a 10 pip target appears to be achieved quite often, 30 pips or more significantly less often. I am using a 10 pip target once per session, you could use these results to determine whether other pip targets are achievable and whether a different frequency of trades (e.g. taking every signal) would be successful. Staked correctly, as risk/reward of 1:1 or in my case 20 pips risked for 10 pip target (1:2?) should return a reasonable income, assuming this system works. 2 weeks in, and a £1000 bank would be close to £1,200 now if you traded both EURUSD and GBPUSD; 20% increase in 2 weeks is pretty impressive stuff! I haven’t published results for indicies, but FTSE and Dow, when added together, would be close to a bank of £1,180, so not far behind. I hope this sort of performance is maintained through the trial!
Remember there is a free trial, so you can always take a look-see for yourself and ask for a refund if you believe that the results have been exaggerated.
Hi, do you stop trading for the day if you have a losing trade of 20 pips?
Hi Craig,
not necessarily. I am looking for 10 pips profit per session. If a session hasn’t made 10 pips and I get an entry signal I will take it. I don’t carry over a loss in the morning session to the afternoon session either. Mind you, I am paper-trading these signals, if trading for real I would set a limit on the number of pips I am prepared to lose each session. Probably 2 losing trades per session as I’d want the chance to recover a losing trade.
I had the same concern regarding the reported results , You are a diamond Arthur for making the effort to help noobs like myself have a clearer picture of the various ForEx products out there. Cheers for the good work !
You’re welcome.